Mortgage Acceleration

How Soon Could You Pay Off Your Mortgage?

Paying just a little extra on your mortgage each month can have a dramatic effect
on the time it takes you to pay off your mortgage and the amount of interest you
pay over the life of the loan. This calculator is designed to show you how much
time and money — over the life of the loan — you could save by paying
an additional amount in your mortgage payment each month.

Your Results

The results below show the time and money you would save by accelerating your mortgage
payments. Other popular payment options you could consider to reduce the time and
cost of your mortgage loan include making biweekly payments or making one additional
payment each year. All of these strategies can help you save money and time without
incurring the expense of refinancing. Keep in mind that not all mortgages have a
prepayment feature so you should consult with the holder of your mortgage for the
specifics of your situation.

The original face value of your loan:

$0.00

Additional amount you are adding to your monthly payment:

$0.00

By making this extra payment, you will save the following amount of interest:

$0

Also, your home will be paid off this many years early:

0

The graph below shows the difference between paying your mortgage with the minimum required payments vs. adding the additional amount you specified to your mortgage payment each month. The more you can manage to pay each month, the faster you'll pay off your mortgage and the less interest you'll pay.

Accelerated Mortgage Projection

This hypothetical example is used for illustrative purposes only. Actual results will vary.

This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek advice from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

Securities and advisory services offered through Cetera Advisors LLC, member
FINRA, SIPC.
Cetera is under separate ownership from any other named entity.

This site is published for residents of the United States only. Registered Representatives of Cetera Advisors LLC may only conduct business with residents of the states and/or jurisdictions in which they are properly registered. Not all of the products and services referenced on this site may be available in every state and through every advisor listed. For additional information please contact the advisor(s) listed on the site, visit the Cetera Advisors LLC site at www.ceteraadvisors.com